Lets Talk Travelers' Checks

DAKRA · #1 07-31-2007, 03:48 PM

I am just about to head to DR for my trip within the next couple of weeks and I considering cash options:

Normally, I take about $200 USD with me in cash and use the local ATMs for pesos. I do this because I don't really have to worry about the exchange rate and it is easy and convenient. But::::: My local bank charges are awful. They are like $5 USD per transaction.

This time, I was thinking of just brining about $1,500 USD in cash with me and if for some reason I need more, just hit the local ATMs.

But....

I just thought of another option: - Let's just say that I were to purchase traveler's checks from my local (USA) bank and bring them. Yes, they are safe and secure, but....

How do I convert them to pesos while in DR? (Bank, Casino, Cambio, etc?)

What is the local (DR) charge to convert them to cash?

The hotel that I stay at prefers to be paid in cash and I get another discount for doing so.... (this is a good thing), I know I will need cash for activities

, and I know I will need cash for gambling at the casinos, and yes, I need cash for eating..... What are my exact options and fees?

Thanks!!!!!!!!!!!

gail morgan · #2 07-31-2007, 05:59 PM

HI,

I just returned from a two week trip. We brought cash, atm and traveler's checks just to have a mix. I have to tell you that the Traveler's checks were a bit of a pain. No one took them for payment and the only place we found to cash them was Banco Popular. The lines were incrediable long and it took forever when we finally made it to a teller. Lots of counting, recounting, signatures and more signatures, etc...

While they are a safe way to carry money, you will definetly want to make only one stop to cash them or you will spend your whole vacation at the bank.

Rocky · #3 07-31-2007, 07:14 PM

Quote:

Originally Posted by gail morgan

HI,

I just returned from a two week trip. We brought cash, atm and traveler's checks just to have a mix. I have to tell you that the Traveler's checks were a bit of a pain. No one took them for payment and the only place we found to cash them was Banco Popular. The lines were incrediable long and it took forever when we finally made it to a teller. Lots of counting, recounting, signatures and more signatures, etc...

While they are a safe way to carry money, you will definetly want to make only one stop to cash them or you will spend your whole vacation at the bank.

They are harder to cash than they used to be and now they give you a slightly lower exchange rate for them.
In Sosua, all the money changers accept them, as well as Western Union, and most hotels and restaurants.

bigbird · #4 07-31-2007, 07:44 PM

Quote:

Originally Posted by gail morgan

HI,

I just returned from a two week trip. We brought cash, atm and traveler's checks just to have a mix. I have to tell you that the Traveler's checks were a bit of a pain.

I agree, they can be a nuisance.

The best card to use is a PayPal debit card. Your funds are in a money market account earning interest. I usually transfer a little more than I think I will need to the PayPal card a few weeks before I leave. PayPal charges $1 USD per transaction.

I back this card up with my regular checking account debit card and two credit cards.

rubio_higuey · #5 07-31-2007, 07:48 PM

Whenever I need to buy them, i buy them at Banco Popular, they charge 2% when bought in dollars. (I use them when I tarvel abroad).

Getting back, I just cash them at any casa de cambio at the CASH exchange rate (same rate as changing cash). I just sign them on the back, and that's it. They sometimes make a copy of my ID, where I always write across "Not valid for any commercial transaction". I can also cash them and be paid in dollars (USD check into USD cash), for which the casa de cambio charges 1% fee.

I could also deposit them into my account, with a 24 hour clearance.

Tamborista · #6 08-01-2007, 10:04 AM

Quote:

Originally Posted by Peetie

Hmm, there's something better than all these methods. PM me with your city and I'll see if it's available in your area.

I live in NYC, where can I buy this "Double Secret" currency?

tambo'

rubio_higuey · #7 08-01-2007, 01:30 PM

I'm in Higuey, PM me about the "secret stuff"...

DAKRA · #8 08-05-2007, 08:13 PM

I have decided to just bring cash and if I need more, just hit the ATMs. I am not interested in waiting in lines at banks to cash travelers checks.

rubio_higuey · #9 08-07-2007, 10:51 PM

Agente de Cambios Boya would cash them.

Agente de Cambio Envios Boyá, S.A.